Millennials are hoarding more gold than boomers and Gen X-ers as recession risks loom, State Street says

Sharing is Caring!
  • Millennials are beating baby boomers and Gen X-ers when it comes to investing in gold, according to State Street.
  • Demand for the precious metal, widely regarded as a safe haven asset, remains strong as recession risks loom.
  • Gold has rallied almost 9% year-to-date, and is approaching the key $2,000 per ounce mark.

Buying gold isn’t much of a gamble, when it comes to investment strategies.

A safe haven asset, protecting against market downturns and economic uncertainty, it offers stability under pressure in a way riskier alternatives such as stocks don’t. As such, the precious metal is possibly an ideal choice for older, wiser, and more cautious investors – such as those from the baby boomer generation.

See also  Bonds reveal rising inflation and economic weakness risks; Gold outperforms S&P 500.

Not really, according to the world’s No. 4 asset manager.

Millennials are the biggest investors in gold, beating baby boomers and Gen X-ers by a big margin, according to a report from State Street, which cites the findings of a survey by SPDR ETFs.

See also  New York state troopers deployed to help clean up AOC’s district.

“On average, millennials have a higher allocation to gold at 17%, with boomers and Gen X lagging behind at just 10%. And millennials reported a greater appreciation for the convenience of investing in gold through exchange traded funds (ETFs),” George Milling-Stanley, chief gold strategist at State Street, wrote in a report.

www.msn.com/en-us/money/markets/millennials-are-hoarding-more-gold-than-boomers-and-gen-x-ers-as-recession-risks-loom-state-street-says/ar-AA1e78f6

Views: 127

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.